Common use of Outbound Transfer of Servicing Clause in Contracts

Outbound Transfer of Servicing. On each Outbound Transfer Date or upon any termination of the Servicer as Servicer pursuant to Section 8.01 or resignation of the Servicer permitted under Section 9.03, the Owner or a successor servicer appointed by the Owner, shall assume all servicing responsibilities related to, and the Servicer shall cease all servicing responsibilities related to the Mortgage Loans. Any successor servicer shall have the right to negotiate a new Servicing Fee with the Owner. Owner shall provide the Servicer not less than twenty (20) days’ prior written notice of the Outbound Transfer Date. Any Mortgage Loan service released by the Servicer shall be released on actual balances as of the Outbound Transfer Date. Upon receipt of such notification from Owner the Servicer shall, at its sole cost and expense, take such steps as may be necessary or appropriate to effectuate and evidence the transfer of the servicing of the related Mortgage Loans to the successor servicer, including but not limited to the following:

Outbound Transfer of Servicing. On each Outbound Transfer Date or upon any termination of the Servicer as Servicer pursuant to Section 8.01 or resignation of the Servicer permitted under Section 9.03, the Owner or a successor servicer appointed by the Owner, shall assume all servicing responsibilities 57 related to, and the Servicer shall cease all servicing responsibilities related to the Mortgage Loans. Any successor servicer shall have the right to negotiate a new Servicing Fee with the Owner. Owner shall provide the Servicer not less than twenty (20) days’ prior written notice of the Outbound Transfer Date. Any Mortgage Loan service released by the Servicer shall be released on actual balances as of the Outbound Transfer Date. Upon receipt of such notification from Owner the Servicer shall, at its sole cost and expense, take such steps as may be necessary or appropriate to effectuate and evidence the transfer of the servicing of the related Mortgage Loans to the successor servicer, including but not limited to the following:

Outbound Transfer of Servicing. On each Outbound Transfer Date or upon any termination of the Servicer as Servicer pursuant to Section 8.01 or resignation of the Servicer permitted under Section 9.03, the Owner or a successor servicer appointed by the Owner, shall assume all servicing responsibilities related to, and the Servicer shall cease all servicing responsibilities related to the Mortgage Loans. Any successor servicer shall have the right to negotiate a new Servicing Fee with the Owner. 57 Owner shall provide the Servicer not less than twenty (20) days’ prior written notice of the Outbound Transfer Date. Any Mortgage Loan service released by the Servicer shall be released on actual balances as of the Outbound Transfer Date. Upon receipt of such notification from Owner the Servicer shall, at its sole cost and expense, take such steps as may be necessary or appropriate to effectuate and evidence the transfer of the servicing of the related Mortgage Loans to the successor servicer, including but not limited to the following:

Outbound Transfer of Servicing. On each Outbound Transfer Date or upon any termination of the Servicer as Servicer pursuant to Section 8.01 or resignation of the Servicer permitted under Section 9.03, the Owner or a successor servicer appointed by the Owner, shall assume all servicing responsibilities 57 NY1 8630204v.6 related to, and the Servicer shall cease all servicing responsibilities related to the Mortgage Loans. Any successor servicer shall have the right to negotiate a new Servicing Fee with the Owner. Owner shall provide the Servicer not less than twenty (20) days’ prior written notice of the Outbound Transfer Date. Any Mortgage Loan service released by the Servicer shall be released on actual balances as of the Outbound Transfer Date. Upon receipt of such notification from Owner the Servicer shall, at its sole cost and expense, take such steps as may be necessary or appropriate to effectuate and evidence the transfer of the servicing of the related Mortgage Loans to the successor servicer, including but not limited to the following: